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Sunday, February 5, 2023

Government seeks investment in Saudi Arabia

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The lack of dollars appears today as the main short-term limitation to accelerate the growth of the economy. This was remarked, among others, by the official of the Foreign Ministry Cecilia Todesca Bocco before this medium. In the same report, the Secretary for International Economic Relations highlighted the opportunity that the country will have in the coming years to radically change its position in the external sector if items such as energy, mining and knowledge-based services are promoted.

It is clear that so that this export leap does not remain an expression of desire, it will be necessary consistent regulatory frameworks and a high flow of foreign direct investment. On this last point, although some efforts go under the radar, the search for potential interested parties in making disbursements in the country does not stop. It is that the complications of the Argentine macroeconomics require an intense seduction operation to explain, for example, the details of the exchange legislation and the decrees that promote the arrival of capital for infrastructure and the productive sector.

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With this objective, part of the team from the Ministry of Economy led by Sergio Massa and the government of Catamarca, a province that has mining activity and resources, moved to the Middle East. Particularly, the territory of Catamarca is part of what is known as the lithium triangle, one of the largest reserves of the mineral required for the energy transition. Although the possibility of developing copper production is also highlighted.

confirmed meetings

As this medium was able to learn, the delegation will have meetings with top Saudi cabinet officials. Among them, the Minister of Industry and Mineral Resources, the Minister of Energy, the Director of Metals and Mining and the head of a specific portfolio dedicated to investments.

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In the lightning tour that will culminate at the end of this week there will also be meetings with directors of the Saudi Fund for Development, which has a capital of US$8.300 million and is already financing some works in the country. The relationship in this case is particularly well established because months ago the chancellor traveled santiago cafiero and because it is expected that this month the officials who head it will come to the country.

Along the same lines, the entourage participates in the “Forum of Minerals of the Future”, which takes place at the King Abdulaziz International Conference Center in Riyadh, and runs from January 10-12. The agenda also includes meetings with companies and one of the heads of the Organization of Petroleum Exporting Countries. All this in order to expedite the arrival of investments in key sectors such as energy and mining.

“Messi effect” in the country brand

Members of the entourage who spoke with this outlet were surprised by the reception and the schedule of meetings with top officials offered by the government of Saudi Arabia despite the fact that it was a “lightning” trip. They also highlight the privileged place, next to the local country, where the Argentine stand was placed at the international mining event.

“In every conversation we have, they highlight the triumph of our team in the World Cup, here there is a very strong fanaticism for the national team and particularly for Lionel Messi. That also opens doors.”, said a member of the economic team. An example of the “Messi effect” in the country brand can be seen on the screens of the Saudi flag airline, where according to those who traveled to the commercial mission, they repeat the best plays of the Rosario star in a loop.

Source: Ambito

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